Bend developer DAO NFT token borrowing protocol have proposedNew emergency measures to try to stabilize ecosystems on the same day It was revealed that the project only had 15 wrapped Ether (wETH) worth $23,715. To repay the lender, about 15,000 ETH is cheap.borrowBy using the mechanism, and to help save protocols from the credit crunch, the Bend Dao development team recommends that the collateral forcing threshold be capped at 70% of the loan value, down from 85%.
and in the next step The bidding period for NFTs on the platform will be reduced from 48 to 4 hours. Then, the requirement for the NFT minimum bid price on Bend DAO to be fixed at 95% of the floor price on the popular digital collectibles trading platform OpenSea. will be removed and the loan interest rate will be reset from the current 100% to 20% and finally the BendDAO treasury will be given power to close bad debts and use gross income.
With NFT floor prices collapsing in a bear market Despite being a well-known collection, many NFTs are in danger of forcing collateral sales. as interest rates are driven to unusual levels. As interest rates on “debt-secured” NFTs skyrocket to nearly 100%, some users may find it better to let go of their digital collectibles. Thirdly, the NFT market is not as liquid as the coin or token market. This means that there may not be an actual auction during the NFT margin enforcement process, which adds to the risk.
Bend DAO was considered a blue-chip NFT borrowing and lending platform before the credit problems started. Voting for the current proposal will last for 24 hours andpassQuorum set 47 million veBend with 99.23% approval.
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